MAN 320F EXAM 2 AROIAN 2024 COMPREHENSIVE
QUESTIONS WITH VERIFIED ANSWERS(100% ACCURATE)
What does it mean...blue ocean? - (correct answer) creating a new group of
consumers
most are created from within red oceans
Blue Ocean Strategy - (correct answer) strategy where it includes all industries not
in existence, unknown market space
going where the profits and growth is, not where the competition is
Red Ocean Strategy - (correct answer) all industries in existence, the known mkt
space
industries never stand... - (correct answer) still
strategic move - (correct answer) the set of managerial actions and decisions
involved in making a major market-creating business offering
with technology & globalization, it has led to what? - (correct answer) accelerated
commodization
where brands become more similar, ppl buy more on price
The iPod was so successful because it was a - (correct answer) fully-integrated
product
what is the key to success? - (correct answer) market opportunity
Value innovation - (correct answer) low costs
high buyer value
red vs blue ocean strategy - (correct answer) Red:
compete in existing mkt space, beat competition, exploit existing demand, focus on
value-cost trade-off, make decision to differentiate through strategic choice and low
costs
Blue:
create new mkt space, competition= irrelevant, creating new demand, focus on
differentiation & low costs, reconstructionist view
the winning strategic approach involves - (correct answer) value innovation
you break the value-cost trade off by - (correct answer) enhancing a limited set of
key factors and reducing or eliminating all other traditional
ex: microsoft office vs open office
, strategic plan - (correct answer) comprehensive plan that identifies the critical
direction and guides the allocation of resources
strategic management - (correct answer) 1) analyze and learn from stakeholders
2) establish strategic direction
3) create strategy
4) execute it
(all in effort to please stakeholders)
broad environment includes... - (correct answer) 1. sociocultural trends
2. technological trends
3. political trends
4. economic trends
the task environment includes... - (correct answer) the closest stakeholders
1. customers
2. suppliers.
3. competitors
global strategic management - (correct answer) most successful firms look global for
opportuntiies to grow and develop
saturated domestic mkt> potential foreign mkt
a mission statement - (correct answer) reflects what an org is
used for decision making and resource allocations
a vision statement is - (correct answer) a forward looking view of what the company
will look like
Michael Porter's Five Forces Model - (correct answer) Buyer power
Supplier power
Threat of substitute products or services
Threat of new entrants
Rivalry among existing competitors
triple bottom line - (correct answer) represents people, planet, and profit; measures
an organization's social, environmental, and financial performance
measures an org's social, environmental, and financial performance
success can be measured through a - (correct answer) social audit
social audit - (correct answer) a systematic evaluation of an organization's progress
toward implementing socially responsible and responsive programs
internal stakeholders - (correct answer) employees, owners, board of directors
QUESTIONS WITH VERIFIED ANSWERS(100% ACCURATE)
What does it mean...blue ocean? - (correct answer) creating a new group of
consumers
most are created from within red oceans
Blue Ocean Strategy - (correct answer) strategy where it includes all industries not
in existence, unknown market space
going where the profits and growth is, not where the competition is
Red Ocean Strategy - (correct answer) all industries in existence, the known mkt
space
industries never stand... - (correct answer) still
strategic move - (correct answer) the set of managerial actions and decisions
involved in making a major market-creating business offering
with technology & globalization, it has led to what? - (correct answer) accelerated
commodization
where brands become more similar, ppl buy more on price
The iPod was so successful because it was a - (correct answer) fully-integrated
product
what is the key to success? - (correct answer) market opportunity
Value innovation - (correct answer) low costs
high buyer value
red vs blue ocean strategy - (correct answer) Red:
compete in existing mkt space, beat competition, exploit existing demand, focus on
value-cost trade-off, make decision to differentiate through strategic choice and low
costs
Blue:
create new mkt space, competition= irrelevant, creating new demand, focus on
differentiation & low costs, reconstructionist view
the winning strategic approach involves - (correct answer) value innovation
you break the value-cost trade off by - (correct answer) enhancing a limited set of
key factors and reducing or eliminating all other traditional
ex: microsoft office vs open office
, strategic plan - (correct answer) comprehensive plan that identifies the critical
direction and guides the allocation of resources
strategic management - (correct answer) 1) analyze and learn from stakeholders
2) establish strategic direction
3) create strategy
4) execute it
(all in effort to please stakeholders)
broad environment includes... - (correct answer) 1. sociocultural trends
2. technological trends
3. political trends
4. economic trends
the task environment includes... - (correct answer) the closest stakeholders
1. customers
2. suppliers.
3. competitors
global strategic management - (correct answer) most successful firms look global for
opportuntiies to grow and develop
saturated domestic mkt> potential foreign mkt
a mission statement - (correct answer) reflects what an org is
used for decision making and resource allocations
a vision statement is - (correct answer) a forward looking view of what the company
will look like
Michael Porter's Five Forces Model - (correct answer) Buyer power
Supplier power
Threat of substitute products or services
Threat of new entrants
Rivalry among existing competitors
triple bottom line - (correct answer) represents people, planet, and profit; measures
an organization's social, environmental, and financial performance
measures an org's social, environmental, and financial performance
success can be measured through a - (correct answer) social audit
social audit - (correct answer) a systematic evaluation of an organization's progress
toward implementing socially responsible and responsive programs
internal stakeholders - (correct answer) employees, owners, board of directors
